Gold price in Pakistan drops by Rs4,500 per tola in January

Domestic bullion has started 2024 on a negative note as the price of 24-karat gold has dropped by Rs4,500 per tola to Rs215,500 in January.

The move lower comes amid a drop in international prices and the continuous strengthening of the Pakistani rupee (PKR).

In today’s session, domestic gold snapped its two-day winning streak, with the 24-karat gold witnessing a decline of Rs600 per tola.

The Karachi Sarafa Association reported that 10-gram 24-karat gold was being sold at Rs184,756, showing a rise of Rs515 from the previous day.

While the price of 10-gram 22-karat gold was reported at Rs169,360.

Meanwhile, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram.

International spot gold is currently trading at $2,040.19 [1:44pm PST], up by 0.16% compared to the previous session’s closing.

However, the rate reported by the association stood at $2,055, down by $2 compared to the previous day’s rate.

It is important to mention that the international spot rate is currently down by 1.11% this month driven by expectations of a rate cut by the U.S. Fed.

However, with escalating tensions in the Middle East and diminishing hopes of rate cut, the appeal for safe-haven assets has risen, signaling a bullish trend for gold.


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